Formerly | Keywords International Limited (1998–2013) |
---|---|
Type | Public |
| |
ISIN | GB00BBQ38507 |
Industry | Video games |
Founded | 1998 |
Founders |
|
Headquarters | , Ireland |
Key people | |
Revenue | €690.718 million [1] (2022) |
€71.810 million [1] (2022) | |
€47.370 million [1] (2022) | |
Total assets | €557.091 million [1] (2022) |
Total equity | €557.091 million [1] (2022) |
Number of employees | 11,141 (2022) |
Subsidiaries | See § Operations |
Website | keywordsstudios.com |
Keywords Studios plc is an Irish video game industry services company based in Leopardstown. Founded in 1998 by Giorgio Guastalla and Teresa Luppino, the company initially provided localisation services for business software before transitioning to the video game industry. Andrew Day replaced Guastalla as chief executive officer in 2009 and the company completed its initial public offering on the London Stock Exchange in 2013. Since then, Keywords has acquired several other companies, including GameSim, D3T, Heavy Iron Studios, and High Voltage Software.
Giorgio Guastalla, an Italian-Irish businessman who had previously worked for Microsoft's Dublin office, founded Keywords Studios in 1998 with his wife, Teresa Luppino. [2] [3] [4] The company was established in Leopardstown (a suburb of Dublin) under the name Keywords International and originally provided localisation services for business software. [2] [5] [6] A regional office in Rome was established in 2001. [7]
Starting in 2004, Keywords became incrementally involved with the video game industry. [4] [7] Andrew Day, a Johannesburg native and long-time friend of Guastalla, joined Keywords in March 2009 at Guastalla's request and became the company's chief executive officer (CEO). [4] [7] At this time, Keywords had revenues of €3.5 million and 50 employees. [8] Day perceived the supplier side in the video game market as highly fragmented and intended to turn Keywords into a "one-stop shop" for various stages of video game development. [8] Furthermore, the company had heavily relied on a single client, which Day aimed to change. [4] He instituted a five-year plan that was to lead to flotation in 2014 and shifted the company's focus entirely towards video games. [4] The previously major client significantly reduced its business with Keywords in 2010. [9] Further regional offices were opened in Tokyo in December 2009, in Montreal in 2010, and in Seattle in 2012. [7]
In June 2013, Keywords announced its intent to float and sell 56% of its shares on the Alternative Investment Market of the London Stock Exchange. [2] By this time, the company had 120 employees and a pre-tax profit of €2.74 million on revenues of €14.34 million. [10] As part of this, a new entity, Keywords Studios Limited, was incorporated in the UK. On 8 July, the new entity was renamed Keywords Studios plc, and it acquired all of the previous entity, Keywords International Limited. [11] [12] Numis Securities served as financial adviser and ran the offer, [13] and Keywords Studios floated on 12 July, raising £28 million. [14] Ross Graham was subsequently brought on as its chairman. [15] Prior to the flotation, PEQ Holdings (a company associated with Guastalla, Giacomo Duranti, and Marco De Sanctis) owned 75.1% of shares, with the remaining 24.9% owned by Day. Through the flotation, PEQ Holdings' ownership was reduced to 29.9% and Day's to 13.2%. Cazenove Capital Management acquired 12% of the company, alongside other investments by Artemis and Legal & General. [16]
With the initial public offering completed, Day eyed an acquisition-based approach to corporate growth. [6] Its first acquisition was that of Liquid Violet, a provider of voice production services, in January 2014. [17] At the end of 2016, Keywords Studios had 2,600 employees, including 120 at its Dublin headquarters. [8] The acquisition of VMC in October 2017 added 1,300 employees to Keywords' headcount. According to Davy Group, this acquisition turned Keywords into the largest provider of functionality quality assurance. [8] In July 2018, Keywords announced the creation of Keywords Ventures, a venture capital fund aimed at supporting startups. Its first investment under this fund was in AppSecTest, in which Keywords acquired a 45% stake. [18] In the same month, Igor Efremov was hired as chief creative officer and Andrew Brown as chief marketing officer. [19] Jon Hauck was hired as Keywords' chief financial officer (CFO) in November 2019, replacing David Broderick after he announced his resignation. [20] At the onset of the COVID-19 pandemic in 2020, Day and Hauck took a 20% pay cut. [21] Staff criticised the company's handling of the situation, stating that the operations had remained largely unchanged despite health concerns. [22] In May of that year, the company raised £100 million with the aim of acquiring firms weakened by the pandemic. [23]
In January 2021, Keywords Studios hired Sonia Lashand Sedler as its chief operating officer (COO). [24] Citing health reasons, Day took a temporary leave in March 2021, with Hauck and Sedler becoming joint interim CEOs. In June, Keywords Studios announced Day's impending retirement and that he had formally stepped down as CEO and member of the board of directors, remaining on the board in an advisory role for six months. [25] Bertrand Bodson, the former chief digital officer for Novartis, succeeded Day on December 1, 2021. [26] In January 2022, Guastalla stepped down as non-executive director for Keywords Studios to focus on his other businesses. [27] He was followed shortly by Sedler, who left the company in March, citing personal reasons. [28] In May 2023, Graham unexpectedly died. As he had been due to retire later that month, the non-executive director Don Robert had already been designated as his replacement. [15] Hauck succeeded Sedler as COO on 1 July 2023, while Robert Kingston was hired as CFO. Kingston had previously acted in that role for the UK and Ireland division of Flutter Entertainment. [29]
In December 2023, the company acquired Multiplayer Group, a game development studio based in Nottingham, England, for £76.5 million. [30]
Keywords Studios is headquartered at Whelan House in the South County Business Park of Leopardstown. [31] In September 2017, the company leased the entire ground floor and parts of the first and lower ground floor of Whelan House for €422,722. [32] Italicatessen, a food import business founded by Guastalla and Luppino in 2002, provides catering services for Keywords Studios' headquarters. PEQ Holdings, a company 90%-owned by Guastalla, used to be the largest single shareholder in Keywords Studios at 6.3% of shares worth £58.1 million. [3] As of 2022, Keywords Studios employs 11,141 people worldwide. [1]
According to Day, Keywords does not release products under its own name and does not plan ever to do so, which contributes to it staying "under the radar". [6] The company's businesses are divided into seven segments: art, engineering, functional testing, audio recording, translation, localisation, and player support. [8]
Name | Acquired | Business | Ref(s). |
---|---|---|---|
Liquid Violet | January 2014 | Voice production | [17] |
Babel Media | February 2014 | Localisation and localisation testing | [33] |
Binari Sonori | May 2014 | Localisation | [34] |
Lakshya Digital | October 2014 | Art services | [35] |
Alchemic Dream | January 2015 | Customer care | [36] |
Reverb Localização | January 2015 | Localisation | [36] |
Kite Team | July 2015 (50%; remainder acquired in April 2016) | Localisation | [37] [38] |
Liquid Development | August 2015 | Art services | [39] |
Ankama Asia | March 2016 | Operations support | [40] |
Synthesis Group | April 2016 | Localisation and audio | [41] |
Mindwalk Studios | May 2016 | Art services | [42] |
Volta Creation | July 2016 | Visual development and art services | [43] |
Player Research | October 2016 | Consultation and user testing | [44] |
Enzyme Testing Labs | November 2016 | Localisation and quality assurance | [45] |
Sonox Audio Solutions | December 2016 | Localisation | [46] |
Spov | February 2017 | Art services | [47] [48] |
XLOC | May 2017 | Web-based content management; XLOC platform | [49] [50] |
GameSim | May 2017 | Development | [51] |
Red Hot | May 2017 | Art services | [52] |
La Marque Rose | August 2017 | Audio recording | [53] |
Asrec | August 2017 | Audio recording | [53] |
Dune Sound | August 2017 | Audio recording | [53] |
Around the Word | August 2017 | Localisation | [53] |
D3T | October 2017 | Development | [54] |
VMC | October 2017 | Localisation and quality assurance | [55] |
Sperasoft | December 2017 | Development | [56] |
Localizadora Latam (LOLA) | December 2017 | Audio localisation | [57] [58] |
Maximal Studio | March 2018 | Voice-over recording | [59] |
Cord Worldwide | April 2018 | Music branding | [59] |
Laced Music | April 2018 | Record label | [59] |
Fire Without Smoke | May 2018 | Development | [60] |
Blindlight | June 2018 | Production services | [61] |
Snowed In Studios | July 2018 | Development | [62] |
Yokozuna Data | July 2018 | Predictive analytics | [63] |
Studio Gobo | August 2018 | Technical services | [64] |
Electric Square | August 2018 | Technical services | [64] |
Sound Lab | September 2018 | Immersive entertainment | [65] |
The TrailerFarm | September 2018 | Trailer production | [65] |
Sunny Side Up | December 2018 | Marketing | [66] |
GetSocial | February 2019 | User acquisition | [67] |
Wizcorp | April 2019 | Development | [68] [69] |
Descriptive Video Works | June 2019 | Audio descriptions | [70] |
TV+Synchron | September 2019 | Voice-over recording | [71] |
Ichi | December 2019 | Creative and marketing | [72] |
KantanMT | December 2019 | Machine translations | [72] |
Syllabes | December 2019 | Audio recording | [72] |
Marching Cube | January 2020 | Development | [7] |
Coconut Lizard | June 2020 | Development | [73] |
Maverick Media | August 2020 | Creative and marketing | [74] |
Heavy Iron Studios | September 2020 | Development | [75] |
G-Net Media | November 2020 | Marketing | [76] |
High Voltage Software | December 2020 | Development | [77] |
Indigo Pearl | December 2020 | Public relations | [78] |
Jinglebell | December 2020 | Audio recording | [78] |
Tantalus Media | March 2021 | Development | [79] |
Climax Studios | April 2021 | Development | [80] |
AMC | August 2021 | Art studio | [81] |
Waste Creative | December 2021 | Creative production services | [82] |
Wicked Witch | December 2021 | Development | [82] |
Forgotten Empires | June 2022 | Development | [83] |
Mighty Games | August 2022 | Development | [84] |
Smoking Gun Interactive | September 2022 | Development | [85] |
Helpshift | December 2022 | Customer support | [86] |
LabCom | December 2022 | Public relations | [87] |
Fortyseven Communications | January 2023 | Public relations | [88] |
Digital Media Management | March 2023 | Marketing | [89] |
Hardsuit Labs | May 2023 | Development | [90] |
The Multiplayer Group | December 2023 | Development | [91] |
At the 2019 Technology Ireland Awards, Keywords received the "company of the year" and "outstanding achievement in international growth" awards. [92]
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